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Two foreign investors seek to buy shares in Vinamilk
December 9, 2016 / 11:18 AM / a year ago

Two foreign investors seek to buy shares in Vinamilk

HANOI, Dec 9 (Reuters) - Two foreign institutional investors have registered to buy a combined 78.38 million shares in Vietnam’s dairy firm Vinamilk, the country’s state investment firm said on Friday.

The sale is part of Vietnam’s efforts to reduce holdings in state-controlled businesses and to raise money, but progress has been slow partly because of the small size of the stakes on offer.

The bids from the two investors were for 60 percent of the total 130.63 million Vinamilk shares being put up for sale, the State Capital Investment Corporation (SCIC) said in a statement. It did not name the bidders.

The investment company owns 44.7 percent of Vinamilk, Vietnam’s biggest listed company by market value.

SCIC also said no domestic investors registered to buy shares, equivalent to 9 percent of the Ho Chi Minh City-based company, formally known as Vietnam Dairy Products JSC.

Bidding will begin at 0700 GMT on Monday at the Ho Chi Minh Stock Exchange with a starting price of 144,000 dong ($6.37)/share, the investment firm said. ($1=22,585 dong) (Reporting by Ho Binh Minh; Editing by Jane Merriman)

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